Significant life changes may need forethought. When you relocate, you should update your will, trust, and power of attorney.
What you’ll discover:
How often should I update my estate planning documents?
Can I just revise an existing Will, Trust, or Power of Attorney?
Will a new Will, Trust, or Power of Attorney supersede an existing one?
What is the duration of a Power of Attorney?
Get assistance with your estate planning paperwork.
Legal papers, such as Wills, Trusts, and other estate planning instruments, are governed by laws that vary by state. The standards for a legally acceptable document vary so much across jurisdictions that a lawful document in one state may be judged invalid and dismissed entirely in another. As a consequence, if you relocate to a different state, you must amend your estate planning paperwork.
The information below will assist you in determining which adjustments, if any, you will need to make to your estate planning paperwork after relocating to a new state.
How often should I update my estate planning documents?
Regardless of whether you relocate to another state, you should evaluate your estate planning agreements if you encounter a big life change. The following are some instances of life changes that need a review of your present estate strategy.
Divorce After Marriage
Having a baby
Children are no longer considered minors.
It is necessary to alter the agent or guardian.
You should also evaluate your papers on a regular basis in case adjustments are required. The laws may have changed, or you may be dealing with a new tax issue. Even if you don’t have any big life changes, it’s a good idea to get your documentation updated every three to five years.
You should also evaluate if your beneficiary information needs to be updated. Although revising a child’s address every time they move is unlikely, changing names when children marry or stating whether you want their spouses to inherit may be something you want to include.
Of course, since states have distinct laws and processes, moving to a new state is also an excellent opportunity to evaluate your documentation.
Can I just revise an existing Will, Trust, or Power of Attorney?
Maybe. If you just wish to make a modest alteration, you may be permitted to update your estate planning paperwork in certain cases. Some circumstances, though, may necessitate the creation of a whole new document.
In order to have a legal Will in one state, for example, you may be necessary to have one witness observe you sign the document. In another state, the same form of document may need two witnesses to be legitimate. In such instance, amending an existing invalid Will would be ineffective. Instead, you’ll need an entirely new document to verify that your desires in both the original and amended documents are legitimate.
Most states have specified forms for Powers of Attorney that you should utilize. They all have somewhat different information, and changing the document to incorporate the missing information isn’t always a possibility. Fortunately, establishing a Power of Attorney in your new state is simple,
Will a new Will, Trust, or Power of Attorney supersede an existing one?
If you wish to cancel a prior document, you must follow extremely particular requirements that vary by state. In certain states, for example, destroying the previous Will is sufficient to cancel it. Some states require you to add a provision in your new Will stating that it is intended to totally replace the previous Will. If you do not have this sort of declaration, both Wills (at least the conflicting sections) may be set aside.
When you prepare on your new Will, consult with a lawyer on the correct method for canceling or destroying your old Will. If you do this procedure incorrect, the Will you planned to use may not be utilized.
Confusion may also develop if you are establishing a new Trust or Power of Attorney. Declaring explicitly that you desire to cancel the previous document is often sufficient to put it aside, but this may not be the case in every state.
What is the duration of a Power of Attorney?
A Power of Attorney generally lasts for the duration specified. A General Power of Attorney does not usually have an expiry date. If such is the case, the Power of Attorney will remain in force forever. If you drafted a Particular Power of Attorney that is only designed to be used for a limited time, such as while you are out of the country, make that provision clear in the instrument.
If you nominated a spouse as your Power of Attorney agent but are now divorced, your Power of Attorney may be nullified in several jurisdictions. Even if you did not amend your Power of Attorney, the law presumes that you did not want that individual making decisions for you. Nevertheless, since this law does not apply in every state, it is a good idea to obtain a new Power of Attorney after a divorce.
Get assistance with your estate planning paperwork.
When you relocate, redrafting estate planning paperwork may be time-consuming, but Generis Global makes it simple by providing forms that are already tailored to fit the laws of your new state.
